In Shannon found a place that showed the dark side of payday loans The Representative APR for these loans can be as high as This makes them a big financial risk for many Americans It's important to know the dangers of payday loans to protect your money Payday Loans Landmines Avoid Financial Pitfalls Payday loans are usually small and short-term They were meant to help until the next paycheck But now they're a big part of the credit market Over million U S households have taken out these loans worth more than billion by March These loans are under close watch because they can lead to endless debt and financial trouble Key Takeaways Payday loans often come with exorbitant interest rates reaching up to APR These loans can trap borrowers in a cycle of debt leading to serious financial difficulties Predatory lending practices such as rollovers and renewals perpetuate the debt cycle Defaulting on payday loans can have severe consequences for your credit score and financial health Exploring alternatives and seeking professional help can provide a path out of payday loan debt Understanding Payday Loans and Their Risks What are Payday Loans Payday loans are short-term high-interest financial products They offer a quick cash solution until the borrower's next payday These loans usually between and are secured by a post-dated check or debit authorization While they might seem like a quick fix in financial trouble they come with very high interest rates Sometimes these rates can go over APR https... Login to read full